"Their record in local government shows that even when millions of families are feeling the pinch, they'll both squander taxpayers' money on waste, inefficiency and their own vanity projects.

"A vote for the Liberal Democrats, on the other hand, is a vote for a party which - wherever we're in power - does its best to spread the burden of austerity fairly, investing in jobs and help for hard-pressed families."

Clegg highlighted changes to the personal tax allowance - a Lib Dem 2010 election pledge - that came in over the weekend which mean that no-one pays any tax until they earn more than £9,440.

He claimed the government has "asked for a bit more from those who can afford it" and pledged to continue to fight for the introduction of a mansion tax.

"We've increased capital gains tax; introduced a higher rate of stamp duty and a £12.5 billion banking levy; we've closed loopholes and capped tax relief to stop the very rich from gaming the system. And the Liberal Democrats will continue to argue for our mansion tax."